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Annual Report 2013 NATURE THINKING AHEAD PROMISING PERSPECTIVES TRUST RESPONSIBILITY THE SOURCES OF OUR STRENGTH ANNUAL REPORT 2013 . LENZING GROUP KEY DATA OF THE LENZING GROUP ACCORDING TO IFRS Business Results Financing Structure EUR mn 2011 2012 2013 EUR mn 31/12/2011 31/12/2012 31/12/2013 Sales 2,140.0 2,090.4 1,908.9 Liquid assets 499.6 528.8 296.0 EBITDA 480.3 352.4 225.4 Inventories 284.6 299.6 311.5 EBITDA margin in % 22.4 16.9 11.8 Receivables 312.8 365.3 332.3 EBIT 364.0 231.5 86.4 Liabilities 639.5 604.4 529.6 EBIT margin in % 17.0 11.1 4.5 Net financial debt 153.3 346.3 504.7 EBT 351.9 236.0 68.1 Net debt1 239.3 445.5 582.0 Tax rate in % 24.0 23.4 26.5 Retained earnings 828.2 941.7 906.2 Profit for the year Net gearing in % 14.6 30.0 45.5 attributable to share- holders of Lenzing AG 258.7 175.6 50.1 Capital Expenditure Cash Flow EUR mn 2011 2012 2013 EUR mn 2011 2012 2013 Capital expenditure Gross cash flow 435.3 248.0 94.6 (incl. BU Plastics) Operating cash flow 309.7 209.4 82.3 Lenzing AG 59.8 128.4 158.5 Cash flow after Group total 196.3 346.2 252.1 investments 113.4 -136.8 -169.9 Group depreciation Liquid assets 499.6 528.8 296.0 and amortization 120.6 124.5 142.1 Capital Structure Stock Exchange EUR mn 31/12/2011 31/12/2012 31/12/2013 EUR 31/12/2011 31/12/2012 31/12/2013 Liabilities (w/o post Share capital in mn 27.6 27.6 27.6 4 employment benefits) 1,206.4 1,380.3 1,252.9 Market capitalization Post employment in mn 1,697.6 1,811.2 1,105.4 benefits 85.9 99.2 77.4 Share price Adjusted equity 1,048.1 1,153.1 1,109.6 as at 31 Dec. 63.9 68.2 41.6 ROCE in %5 23.3 13.7 3.7 Earnings per share2 3 9.88 6.61 1.89 ROE in %5 29.6 16.4 4.4 Production 1) Including obligations for pension and severance payments 2) Based on the proposed dividend distribution in 1,000 tons 2011 2012 2013 3) From continuing operations and discontinued operations 4) Excluding government grants less associated deferred taxes Fibers (total) 705.1 778.5 864.1 5) Calculation: please see long-term comparison in the rear part of the annual report. Net Gearing Sales compared to EBITDA in % EUR Mn Sales EBITDA 60 2,500 500 2,000 480.3 400 40 1,500 352.4 300 1,000 200 20 225.4 500 100 14.6 30.0 45.5 2,140.0 2,090.4 1,908.9 0 0 0 2011 2012 2013 2011 2012 2013 Dividend Sales compared to EBT in % Dividend in EUR Dividend-yield in % EUR Mn Sales EBT 2.5 12.5 2,500 500 2.0 10.0 2,000 351.9 400 1.5 7.5 1,500 236.0 300 1.0 3.91 4.20* 5.0 1,000 200 2.93 68.1 0.5 2.5 500 100 2.50 2.00 1.75* 2,140.0 2,090.4 1,908.9 0.0 0.0 0 0 2011 2012 2013 2011 2012 2013 *) Based on the proposed dividend distribution ANNUAL REPORT 2013 . LENZING GROUP | 3 THE SOURCES OF OUR STRENGTH Business is like natural life, marked by continuing growth but also consistently recurring ups and downs. For us 2013 was a year in which we proudly looked back at our dynamic growth, but also a year in which we embarked on a new future. On the one hand, we celebrated our 75th anniversary with a dazzling series of events. On the other hand, we also charted a new course for future growth. This is because the economic environment is changing – and thus the challenges we face. There is hardly any other company in our industry which can look back at more than seven decades of experience the way Lenzing can. Whoever knows us can rest assured that Lenzing will continue to keep pace with future challenges – as we did in the past. Lenzing has always been able to rely on its sources of strength. They are what we draw upon, enabling us to proactively shape the future. 4 CONTENTS The Sources of our Strength 3 Contents 4 Strength from Nature – Focus on TENCEL®* 6 Editorial by the Chairman of the Management Board 8 The Lenzing Group 10 New TENCEL® Production Plant in Lenzing (Austria) 11 The Production Sites of the Lenzing Group 12 Products of the Lenzing Group 14 Segment Fibers 14 Segment Other 14 Segment Engineering 15 Strength from Promising Perspectives – Focus on Asia* 16 Management Report 2013 18 General Market Environment 20 Development of the Lenzing Group 26 Strength from Trust – Focus on Customers* 30 Segment Fibers 32 Business Unit Textile Fibers 35 Business Unit Nonwoven Fibers 36 Business Unit Pulp 37 Business Unit Energy 39 Segment Engineering 42 Segments Discontinued Operations and Other 44 Risk Report 45 Report on Essential Elements of the Internal Control System (Section 243a para 2 Austrian Commercial Code – UGB) 53 Balance Sheet Structure and Liquidity 55 *) Not part of the Management Report ANNUAL REPORT 2013 . LENZING GROUP | 5 Strength from Thinking Ahead – Focus on Innovation* 56 Research and Development 58 Environment and Sustainability 59 Human Resources 63 Corporate Communications 67 Investor Relations 70 Outlook Lenzing Group 75 Events after the Reporting Period 77 Corporate Governance Report 2013 78 Selected Key Figures 87 Strength from Responsibility – Focus on Profitable Growth* 88 Consolidated Financial Statements 2013 90 Contents 92 Consolidated Income Statement 93 Consolidated Statement of Comprehensive Income 94 Consolidated Statement of Financial Position as of December 31, 2013 95 Consolidated Statement of Changes in Equity 96 Consolidated Cash Flow Statement 98 Notes to the Consolidated Financial Statements 99 Auditor´s Report 240 Declaration of the Management Board 242 Report of the Supervisory Board of Lenzing AG 243 Long-Term Comparison under IFRS 245 Financial Calendar 2014 246 Glossary 247 6 S TRENGTH FROM NATURE FOCUS ON TENCEL® The global challenges facing the business world and the environment are formida- ble, and solutions are urgently needed. In the world of man-made cellulose fibers, TENCEL® is the predominant product of the 21st century in every respect, the true New Age fiber. Its natural raw material, the modern and environmentally compatible pro- duction technology and the enormous performance potential of the fiber itself make it unequalled in modern times. Only Lenzing successfully manages the industrial-scale production of TENCEL®, in which more than 99% of the solvent used is recycled in the closed-loop process. This means the ecological footprint of the fiber is unparalleled. The range of applications and product features (biodegradable, silky-soft to the touch but high-strength for technical uses) is far from being fully realized. On the basis of its 20 years of experience with TENCEL®, Lenzing will continue to draw upon the full poten- tial of its innovative capabilities to focus on this fiber and its promising future. ANNUAL REPORT 2013 . LENZING GROUP | 7 STRENGTH FROM NATURE 8 EDITORIAL BY THE CHAIRMAN OF THE MANAGEMENT BOARD The 2013 financial year proved to be a year of challenges for the Lenzing Group. Dear business partners, global fiber market. In the past thirteen years we have come close to tripling fiber shipment volumes from about 330,000 rom a market perspective, we struggled against con- tons annually to close to 900,000 tons per year. This has siderable headwinds throughout the year in our core been accompanied by a corresponding increase in yearly F business, which is the manufacturing of man-made sales from approximately EUR 600 mn to almost EUR 2 bn. cellulose fibers. For the second straight year average fiber sell- ing prices only moved in one direction, namely downwards. For Lenzing there is no alternative but to focus on qualita- Prices declined by another 13% compared to the weak levels tive growth within the context of a globally-oriented strategy. prevailing in the previous year. However, this was in contrast Companies which fail to offer suitable fiber quantities on the to the ongoing good volume demand for Lenzing fibers. quickly growing Asian market and have not yet established a local presence both as a producer and partner of customers There are many different and complex reasons for the un- will find it difficult to survive. Developments in recent years satisfactory market development with regard to selling prices show that isolated regional markets no longer exist. More- at the backdrop of increasing production volumes. In es- over, incidences of protectionist measures and non-tariff sence, this can be attributed to developments in China, the regulatory barriers have tended to increase instead of just the world’s largest fiber market. Sustainable surplus production opposite. The bottom line is that the Chinese fiber market capacities in the Chinese viscose fiber industry, the histori- determines the direction the entire industry takes. cally unique high cotton inventories as well as China’s sub- sidy policy for cotton which seems to be intransparent from a The fact that global viscose fiber prices are predominantly linked European perspective have resulted in ongoing massive dis- to developments in China is related to the dynamic expansion of tortions on the marketplace.
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